According to AAA’s gas price tracker, the average unleaded gas price in Massachusetts on Monday was $4.963 a gallon, up from $4.73 per gallon the previous week
The average price of gasoline in the United States has jumped 25 cents in only one week, causing customers and the Biden administration additional worries.
— The Hill (@thehill) June 6, 2022
The new rise has been acknowledged by AAA as being in high demand. It stated that demand is surpassing supply globally and that recent “strong” travel over Memorial Day weekend boosted demand in the United States.
According to AAA, the Midwest has seen the most price hikes in the last week, with prices climbing 45 cents in Michigan, 41 cents in Illinois, and 41 cents in Indiana.
Meanwhile, prices in California were the highest, reaching $6.34 per gallon.
The invasion of Ukraine by Russia has driven up costs in general. Recently, the country’s limited refining capacity has come into prominence, as refiners, which convert crude oil into gasoline, shift their focus to more profitable fuels like diesel and jet fuel, both of which have seen price increases.
Even though presidential initiatives have little impact on gasoline prices because of the global nature of the oil market, the White House frequently faces political backlash.
President Biden has announced a series of initiatives aimed at lowering oil costs, including the release of millions of barrels from the strategic reserve.
Republicans have exploited the subject of gasoline prices as a significant line of attack against Democrats in the run-up to this year’s midterm elections.
In a phone interview with CNN, Mark Zandi, chief economist of Moody’s Analytics, said he is more optimistic about the US economy’s capacity to control inflation without precipitating a downturn. The only snag, according to Zandi, would be a further rise in oil prices.